Liberty, which has been expanding into more sports-oriented programming, believes it can fuel growth by pushing Formula One into new media, including social networks.
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Liberty completed the first phase of acquiring a majority shareholding in F1 on Wednesday, with the company due to ultimately take up a 35.3% stake in the first quarter of 2017.
Liberty said it would keep Ecclestone, who built Formula One into a global operation over almost four decades, as chief executive, but also named 21st Century Fox vice chairman Chase Carey as the company’s new chairman. While growing the Formula 1 brand significantly during its ownership, CVC have been criticised for taking substantial profits from the sport instead of investing in it.
At that point, the Liberty Media Group will be renamed the Formula One Group.
Ending years of speculation surrounding the future of the sport, Liberty Media has officially announced it is purchasing Formula 1 from its current owner CVC Capital for $4.4bn.
But in addition to collecting networks, Malone has latterly been stocking up on sports and entertainment properties such as the major league baseball team, the Atlanta Braves.
Once regulatory approval has been secured, Liberty will take full control of F1.
CVC has twice tried to float Formula One but the plans stalled and the fund instead sold stakes to US investment groups BlackRock and Waddell & Reed, along with Norway’s Norges Bank. CVC will remain shareholders but the voting shares that control the group will pass to Liberty.
The purchase also adds a new gem to the growing collection of savvy, low-key tycoon Malone, who Forbes estimates has a fortune of $7.1 billion.
Bernie Ecclestone said: “I would like to welcome Liberty Media and Chase Carey to Formula One and I look forward to working with them”. Other shareholders include Waddell & Reed, an American fund manager which has a stake of just under 20 percent, British business magnate and current F1 chief executive Bernie Ecclestone with 5.3 percent, and his Bambino Trust holding with a further 8.5 percent.
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To head the organization, Liberty says it will name veteran entertainment studio executive Chase Carey as the chairman of Formula One.
